July was a very busy month on all fronts. We are busy building new tech, improving the process and working through challenges that permeate the general real estate market. Please see our July update below:
New Loans: 17
New Loan USD Volume: $7.84mm
Average Interest Rate: 9%
Average Loan Amount: $461,386
Average Loan to Value: 65%
Average FICO score: 697
Current MakerDAO Debt Ceiling: $20mm with about $5.8mm used
90+ day late: 0
We have released a major update that includes the Servicing module, this enables tracking our loans from originations to maturity, and provides borrowers enhanced online features for tracking their loans and construction. We are currently working on integrating with Tinlake, this will enable much faster and error-free NFT minting. We will also be looking into improving loan status reporting so that the community can see updates in real-time.
We made new hires in July, Katrina will start this month as a Senior Paralegal and Carmel as our Content and PR Manager.